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Mon Dec 1,10:57 AM ET |
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WASHINGTON (AFP) - US manufacturing activity unexpectedly shot to a 20-year record in November as factories hired workers to belt out goods for the runaway economy, a survey showed.
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The Institute for Supply Management (ISM) purchasing managers' index, based on a survey of supply executives, leapt to 62.8 points in November -- far above expectations -- from 57.0 in October.
It was the fifth consecutive month of growth.
Any figure above 50 points indicates expanding activity.
"The manufacturing sector enjoyed its best month since December 1983," said survey chief Norbert Ore.
Factories finally took on workers after more than three years of job cuts, bucking up the overall industry barometer.
Manufacturers -- the hardest hit sector of the US economy, shedding nearly 2.8 million workers since July 2000 -- appeared finally to be catching the tailwind of the breakneck recovery.
Only last week, revised government figures showed US economic growth exploded in the third quarter to hit a 19-year record annual pace of 8.2 percent, ignited by business and consumer spending,
Factories were racing to supply the economy's needs, the latest industry survey showed.
Among key findings:
-- Output accelerated, with the production index soaring 5.7 points from October to 68.3 in November, the seventh month of growth.
-- New orders soared, with the index leaping 9.4 points to 73.7 in November, the highest since December 1983. The backlog of orders index jumped 5.5 points to 59.0.
-- Jobs grew, reversing 37 consecutive months of decline, with the employment index up 3.3 points to 51.0.
"Based on this data, it appears that the recovery is gaining momentum," Ore said.
"Indications are that the manufacturing sector is ending 2003 on a very positive note, and all of the indexes support continued strength into 2004," he said.
"While there are still companies lagging the recovery, they should be encouraged by the current indicators in the sector."
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